LONDON - Politicians need to quickly coordinate regulatory responses to new risks from technology companies like Facebook moving into finance, though banks won’t be squeezed out anytime soon, the Bank for International Settlements said on Sunday.
Such a move by Big Tech mixes extensive data on individuals with activities that could potentially undermine financial stability, the BIS said. The Group of Seven economies is looking at Facebook’s plans, but no single global authority has taken the lead role so far. He added that questions over what kind of regulation Libra would be subject to did not come up in the meeting, declining to give details of when it took place.
It was early days regarding the impact of Libra if it goes ahead. “We need to see much more before we can come to a judgment,” Shin said.
Funny how when a new and powerful competitor enters the financial arena all the financial companies come running to the government teet! jpmorgan , GoldmanSachs , BankofAmerica I hope facebook eats a big chunk of all of your lunches. You deserve it after 2007.
Libra , bitcoin, xrp. They can’t stop it.
No. People need to delete their account and stop using them.
US politicians serve the 0.1% at the expense of the 99.9%.
Why should politicians move fast? Ever think that politicians should actually be reluctant to interfere with a company's/markets operations? Have you NOT seen that gov't tends to make things WORSE rather than better?
Only a fool would trust FacePuke.
Not for me!
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